Posted August 4, 2020

Manufacturing notches third consecutive month of growth

Economic activity in the manufacturing sector grew in July, with the overall economy notching a third consecutive month of growth.

“The July PMI registered 54.2 percent, up 1.6 percentage points from the June reading of 52.6 percent. This figure indicates expansion in the overall economy for the third month in a row after a contraction in April, which ended a period of 131 consecutive months of growth," said Timothy R. Fiore, chair of the Institute for Supply Management Manufacturing Business Survey Committee.

The index reached its highest level of expansion since March 2019, when it registered 54.6 percent.

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